Business

Vietnam considers electricity price cut from November 1, petrol excise tax cut to zero

Deputy Prime Minister Nguyen Van Thang urged the Vietnam Electricity (EVN) Group to review its costs and maximise savings to develop a plan to reduce the average retail electricity price from November 1, 2026, to March 31, 2027, in accordance with relevant regulations. The move aims to support people and businesses and ensure social welfare.

The application of live-line maintenance technology on a low-voltage power line in Pho Hien ward, Hung Yen province. (Illustrative photo: VNA)
The application of live-line maintenance technology on a low-voltage power line in Pho Hien ward, Hung Yen province. (Illustrative photo: VNA)

Hanoi (VNA) - Deputy Prime Minister Nguyen Van Thang chaired a meeting at the Government headquarters on October 27 to discuss scenarios for managing petrol and electricity prices, according to the Government Office.

Thang urged the Vietnam Electricity (EVN) Group to review its costs and maximise savings to develop a plan to reduce the average retail electricity price from November 1, 2026, to March 31, 2027, in accordance with relevant regulations. The move aims to support people and businesses and ensure social welfare.

EVN was requested to submit the plan to the Ministry of Industry and Trade for review and feedback. The ministry will assess the proposal to ensure the price reduction can take effect on November 1 and promptly report matters beyond its authority to the competent authorities.

Meanwhile, the Ministry of Finance was tasked with coordinating with the Ministry of Industry and Trade, the Ministry of Justice and relevant agencies to urgently review the legal basis, authority, potential impacts and feasibility of reducing the special consumption tax rate on all types of petrol to zero from November 1, 2026, to March 31, 2027.

The ministry must submit the proposal to the competent authorities for consideration and decision in accordance with the law before November 1./.

VNA
#An ninh năng lượng #NQ 70 #Electricity price cut #excise tax on petrol
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